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21-Dec-2018

Ascend Wellness Announces Illinois Expansion

Ascend Wellness Announces Illinois Expansion Ascend Wellness announces two transactions to enter the Illinois Market

PR Newswire

BOSTON, Dec. 21, 2018

BOSTON, Dec. 21, 2018 /PRNewswire/ -- Ascend Wellness has entered a long term lease agreement with Innovative Industrial Properties, Inc. (IIP) to operate a cultivation site in Barry, Illinois. The 75,000 square foot, state-of-the-art facility will become one of only sixteen cultivators in operation in the state.

The deal, along with the definitive agreement to purchase HCI Alternatives, will create Ascend Illinois — a vertically integrated cannabis company. The business is projected to create new jobs and increase supply in the state, where medicinal use of cannabis was first legalized in 2013, and made available to patients in 2015.

"The passing of the opioid bill will lead to significant growth in the Illinois market next year," said Founder of Ascend Wellness, Abner Kurtin. "Ascend is excited to bring a wide variety of branded product to enhance the experience of the Illinois consumer."

Also based in Illinois, HCI Alternatives focuses on providing exceptional customer service at its two retail facilities in Springfield and Collinsville, as well as hosting cannabis educational resources online. HCI's current customer base captures about 10% of the total market share in the state.

"We are gratified to be part of Ascend Illinois," says Chris Stone, HCI's CEO. "Illinois, like the rest of the country, has been plagued by the opioid epidemic, to which cannabis provides a safer and non-addictive alternative to pain management."

For more information about Ascend, visit AscendWellness.com.

About Ascend Wellness
Ascend Wellness is a vertically integrated cannabis company operating in Massachusetts, Illinois, and Michigan. Ascend is redefining the cannabis retail experience, offering a customer-centric environment and a curated selection of products with effect-based categorization.

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Rosie Mattio
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SOURCE Ascend Wellness

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Last Updated: 21-Dec-2018